WISA TECHNOLOGIES, INC. Releases Q1 2024 10-Q Report

WISA TECHNOLOGIES, INC., a company specializing in wireless audio technology, has released its Form 10-Q report for the first quarter ended March 31, 2024. The report provides a detailed overview of the company's financial performance and operational activities during the period.

Financial Highlights

• Revenue, net: $0.255 million, reflecting a decrease from the previous year's $0.469 million, indicating a decline in sales performance.
• Gross deficit: $(0.083) million, showing an improvement from the previous year's gross deficit of $(1.253) million, suggesting better cost management or pricing strategies.
• Loss from operations: $(4.158) million, compared to $(5.802) million in the prior year, indicating a reduction in operating losses.
• Net income (loss): $2.707 million, a significant turnaround from the previous year's net loss of $(0.921) million, primarily due to changes in fair value of warrant liabilities.
• Net loss attributable to common stockholders: $(3.135) million, compared to $(0.921) million in the prior year, impacted by deemed dividends on conversion of Series B preferred stock.
• Net loss per common share - basic and diluted: $(5.35), compared to $(79.84) in the previous year, reflecting the impact of reverse stock splits and changes in share count.

Business Highlights

• Revenue Segments: The company generates revenue from two primary product categories: Components and Consumer Audio Products. For the three months ended March 31, 2024, Components contributed $159,000, while Consumer Audio Products contributed $96,000 to the total revenue.
• Geographical Performance: The company operates globally, with significant revenue contributions from three major customers accounting for 35%, 29%, and 21% of net revenue for the three months ended March 31, 2024.
• Sales Units: The company reported a decrease in inventory levels from $2,737,000 as of December 31, 2023, to $2,579,000 as of March 31, 2024, indicating a reduction in stock levels and potential sales activity.
• Future Outlook: The company anticipates continued operating losses due to ongoing research and development activities and plans to expand its product portfolio and market share. Management intends to raise additional funds through equity or debt to support operations over the next 12 months.

SEC Filing: WISA TECHNOLOGIES, INC. Releases Q1 2024 [ NASDAQ:DVLT ] - 10-Q - May. 20, 2024